Most Singapore SMEs looking for IT solutions, specifically eCommerce website growth would already have heard of the productivity solutions grant. It is especially those looking for grant for Xero software service providers. However, with so many websites providing different content, addressing this subject can be overwhelming for any SME business owner.
PSG, which provides up to 80% financing assistance for SMEs and accounting firms in Singapore. They also act as a channel for businesses interested in implementing IT technologies and making long-term technical improvements to improve business processes.
Aside from sector-specific technologies, PSG also encourages the implementation of cross-industry solutions, such as customer service, data analytics, financial reporting, inventory monitoring, and, most notably, eCommerce solutions in Singapore.
#1 What exactly is the Productivity Solutions Grant (PSG)?
The productivity solutions grant is intended to encourage the use of internet technology applications in a variety of industries. Retail, banking, transportation, engineering, food, and landscaping are among them. Productivity Solutions Grant (PSG) combines three current grants: the National Parks Board’s landscape grant, the Spring Singapore Creativity Voucher, and the Media Development Authority’s SMEs Digital initiative.
In a nutshell, it is digital applications for the accounting firms in Singapore that you will demand for up to 80% of the qualified sum of federal grants.
#2 Why is the final argument less than 80% of the claimed price?
The bulk of government grants are referred to like up to. Most grants are subject to review, and you must apply your application to the Business Grant Portal for the appropriate officer to accept before proceeding with the grant claims. In certain circumstances, the accounting firms in Singapore are ineligible for the award, and we urge SMEs to apply first before moving on with the proposal.
Another point to keep in mind is that the difference between the real price you pay and the rate claimed will not be 80 percent because the claims exclude costs such as Government Service Tax (GST), etc.
#3 Who qualifies for PSG Grants?
This grant is available to the vast majority of Singapore’s SMEs and accounting firms in Singapore. According to the Enterprise Singapore website, the following are the specified criteria:
- Singapore is where the company is registered and operates.
- IT solutions or facilities must be purchased, leased, or subscribed to in Singapore.
- Have a minimum of 30% local shareholding; and have a Group annual revenue turnover of less than S$100 million OR less than 200 employees (for selected solutions only).
Will your startup be eligible? You may submit to the Business Grant site, and the assessing officer can decide whether to accept or deny your application.
#4 Is there a limit on the number of applications accepted?
Unlike the business preparation award, there is no limit to the amount of applications accepted per year. The PSG allows you to apply for more than one solution. But you can only apply for one solution at a time. As a result, before submitting an application for approval. SMEs can consider how the PSG grant operates and which PSG approved vendor they want to deal with.
There is also a grant limit of $30,000 for each business organization for applications funded by Enterprise Singapore (ESG) between 1 April and 31 March of each year. The PSG grant, as announced in Budget 2021, will finance up to 80% of eligible expenditure until March 31, 2022.
#5 PSG Grant is too difficult; is there a blueprint available, or can the vendor do it for you?
No, as much as we would like to, the answer is no. The customer must apply the claims as well as the request for acceptance through the company grant for Xero software portal. The customer will be forced to login through Corppass, which means that an external provider will be unable to do so.
Like for other federal grants, it will be up to the recipient to demonstrate to the government how the solution will successfully increase the efficiency of their activities, which will vary depending on the user.
PSG is, in our opinion, one of the most straightforward grant for Xero software applications. Laptops and financial applications such as Xero or Quickbooks are some of the typical solutions that many SMEs say.
#6 What are PSG’s payment terms?
It is similar to the majority of the government grant for Xero software services. That would be a refund arrangement. As a result, the consumer must pay in full before sending the request to the company grant site for reimbursement.
In certain instances, you will be required to have evidence of use and how this approach benefits your company in order to qualify for PSG. Until filing statements, the common phrase is that you must use the software/solution for at least a month. Payment conditions for various solution providers’ projects vary. It is wise to inquire about payment arrangements with each solution provider.
#7 Can you request changes or cashback from the solution provider to reduce my costs?
This is an example. Regrettably, the result is no. PSG refers to pre-approved alternatives. Any service provider has sent their specifications to Enterprise Singapore, which are being reviewed by officers. It comes in the form of a pre-approved kit, and only what is used in the pre-approved package is claimable. Customers, on the other hand, are free to pay for the extra change on their own. For all federal contracts, cashback is specifically prohibited.
#8 How long would it take you to apply for the PSG Grant?
It might take up to six weeks. When you apply for the award, it is usually determined by the amount of work at Enterprise Singapore. It all depends on the solution you’re looking for. Another criterion is whether or not all of the paperwork and plan are in order; if so, approval should be obtained in a relatively short period of time, i.e. 3-4 weeks.
Apply for a PSG grant right now
Aside from Singapore business incorporation, WLP Group also offers Xero PSG grant support. We suggest that you contact us to learn more about. The PSG grant solutions that may be beneficial to your company. Grant for Xero software services would help the business. Contact us as soon as possible for more details.